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Nirmala Sitharaman: G20 agrees on global coordination for crypto regulations

by Prashant Kumar
3 minutes read

On Thursday, Nirmala Sitharaman, the Union Finance Minister, stated that the Group of 20 (G20) member nations have agreed on the need for global coordination regarding any new regulations on crypto assets. This demonstrates a growing acceptance among the G20 nations regarding the importance of coordinated efforts in regulating cryptocurrencies.

During a news conference after a meeting of G20 finance ministers and central bank governors, Nirmala Sitharaman stated that she was satisfied with the increasing consensus among G20 member countries that any action related to crypto assets needs to be globally coordinated. Sitharaman stated that the G20 has responded promptly to the challenges posed by cryptocurrencies.

In addition to her earlier comments, Nirmala Sitharaman also mentioned that the G20 and its member countries have acknowledged the impossibility of a single country dealing with crypto assets independently. This further reinforces the need for global coordination and cooperation in regulating cryptocurrencies

During the news conference, Nirmala Sitharaman stated that the G20 member countries have been responsive to the issue of crypto assets. She also stated that during India’s G20 presidency, they would address a “synthesis paper” covering various topics related to cryptocurrencies.

India has consistently advocated for a collective global approach to addressing the challenges posed by cryptocurrencies like Bitcoin. In February, the finance ministry conducted a seminar for G20 member states to discuss the development of a common framework for regulating crypto assets. This reinforces India’s commitment to global coordination in addressing issues related to cryptocurrencies.

During the annual spring meeting of the International Monetary Fund (IMF) and the World Bank, Nirmala Sitharaman and Reserve Bank of India Governor Shantikanta Das co-chaired a meeting of finance ministers and central bank governors from various member countries. The meeting provided an opportunity for discussions on issues related to the global economy, including cryptocurrencies.

During India’s G20 presidency, Nirmala Sitharaman stated that the group would discuss the International Monetary Fund’s (IMF) paper on crypto assets and the Financial Stability Board’s (FSB) paper. These discussions would lead to the preparation of a synthesis paper, which would combine the insights and recommendations of both the IMF and FSB papers.

Nirmala Sitharaman also highlighted that the G20 member countries have acknowledged the potential risks associated with private virtual assets such as cryptocurrencies. She stated that the G20 has taken a significant step forward toward developing a coordinated and comprehensive policy approach to address these risks. This approach will take into consideration both macroeconomic and regulatory perspectives.

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